Swan Bitcoin cancels conference amid staff reduction, mining shutdown

August 5, 2024 Coin Telegraph

Business

According to Swan Bitcoin CEO Cory Klippsten, “it just doesn’t feel like the right time for a festival” after the firm announced staff cuts in July.

Financial services firm Swan Bitcoin has canceled a cryptocurrency conference it planned to host in California in October.

In an Aug. 5 X post, Swan Bitcoin CEO Cory Klippsten announced that the company would not hold the Pacific Bitcoin Festival in 2024. The event, initially planned to be held in Santa Monica, California, from Oct. 18 to Oct. 19, was roughly two months away at the time of cancellation.

“We’re fully focused on [Swan Bitcoin’s] core business right now, and after going through a staff reduction last month it just doesn’t feel like the right time for a festival,” said Klippsten.

Bitcoin price will hold 0K for good after three key events take place

Bitcoin price will hold $100K for good after three key events take place

US government transfers 300 ETH — Arkham Intelligence

August 5, 2024 Coin Telegraph

Coin Telegraph

The 300 Ethereum coins were transferred from a wallet identified as “Noman Seleem Seized Funds” by the onchain analytics firm.

According to Arkham Intelligence, a wallet believed to be controlled by the United States government transferred 300 Ether (ETH), valued at approximately $699,000, to a wallet address ending in “d46” on Aug. 5.

The onchain analytics firm also claimed that the funds within the wallet, which now shows a balance of $0, resulted from a US government seizure.

This reported transfer of ETH by the United States government follows days of disappointing price action following the highly anticipated launch of Ethereum exchange-traded funds (ETFs) in the United States.

Bitcoin price will hold $100K for good after three key events take place

Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing

August 5, 2024 Coin Telegraph

Europe’s fourth largest hedge fund put nearly 0M in Bitcoin ETFs — Filing

Banks

Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.

According to public disclosures filed on Aug. 5, Capula Management, Europe’s fourth-largest hedge fund, invested nearly $500 million in Bitcoin (BTC) exchange-traded funds.

The hedge fund, which is based in the United Kingdom and manages upward of $30 billion in investor assets, holds shares in Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

According to the filing, Capula owns shares worth more than $464 million in total, reflecting its portfolio as of June 30. The filings do not indicate that Capula owns any other crypto assets.

Bitcoin price will hold $100K for good after three key events take place

Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy

August 5, 2024 Coin Telegraph

Bitcoin ETF trading volume tops B amid crypto crash — Galaxy

Bitcoin Price

Galaxy’s head of research expects the funds to see inflows as investors buy the dip.

Trading volumes for Bitcoin (BTC) exchange-traded funds (ETFs) surged past $1 billion at the start of trading on Aug. 5, as crashing markets triggered “extremely elevated” trading activity across crypto, Alex Thorn, head of research at asset manager Galaxy Digital, said in a post on the X platform.

After only 20 minutes of trading, Bitcoin ETFs have clocked more than $1.3 billion in trading volume, with iShares Bitcoin Trust seeing the highest churn at upward of $875 million, according to the post.

Thorn expects BTC ETFs to see net inflows from “dip buying” as investors clamor to take advantage of a roughly 8% drawdown in spot BTC prices since Aug. 4. The downturn was led by Ether (ETH), which dropped upwards of 21% after funds including Jump Trading and Paradigm VC sold hundreds of millions of dollars worth of Ether, according to an Aug. 5 report by QCP Group.

Bitcoin price will hold $100K for good after three key events take place

Crypto products shed $528M amid recession fears — CoinShares

August 5, 2024 Coin Telegraph

Crypto products shed 8M amid recession fears — CoinShares

10x Research

As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000.

Cryptocurrency assets started seeing significant outflows last week amid growing fears of a recession in the United States and geopolitical concerns, according to a new report by the crypto investment firm CoinShares.

The week of July 28 to Aug. 3 saw digital asset investment products posting outflows for the first time in four weeks totalling $528 million, CoinShares reported in its latest digital asset fund flows report published on Aug. 5.

CoinShares noted that the latest crypto sell-off is believed to be a reaction to fears of a recession in the US, geopolitical uncertainty and consequent broader market liquidations across the majority of assets.

Bitcoin price will hold $100K for good after three key events take place

Ex-Binance adviser to join Kamala Harris campaign: Report

August 2, 2024 Coin Telegraph

Binance

The prospective Democratic nominee’s position on crypto and blockchain was still unclear, but officials connected to the industry are reportedly getting on board.

David Plouffe, who worked as an adviser for Alchemy Pay and cryptocurrency exchange Binance, is reportedly joining Democratic candidate Kamala Harris’ 2024 United States presidential campaign.

According to an Aug. 2 Politico report, the Harris campaign onboarded several senior advisers, including Plouffe. A former campaign manager and senior adviser for US President Barack Obama, Plouffe made forays into the crypto space after leaving the White House in 2013. He joined Binance’s Global Advisory Board in 2022 — reportedly later disbanded — and was a global strategic adviser for Alchemy Pay in 2023.

It’s unclear whether Plouffe’s reported role will involve advising the campaign on crypto and blockchain. On Aug. 2, the Democratic National Committee announced that Vice President Harris had secured enough delegates to become the party’s official candidate in 2024, but she would not accept the nomination until “next week.”

Bitcoin price will hold $100K for good after three key events take place

Jamie Dimon bashes partisan politics in presidential election op-ed

August 2, 2024 Coin Telegraph

Coin Telegraph

The JPMorgan boss didn’t mention any candidates by name, but his message left little doubt about whom he was referring to.

JPMorgan Chase chairman and CEO Jamie Dimon recently shared his strong views on what the next United States president needs to do in order to rescue the nation from what he called “the most complicated geopolitical situation since World War II.”

His commentary came in the form of an op-ed published in the Washington Post on Aug. 2, and by and large, his opinions centered on squashing the internal beef between US politicians of rival parties and the citizens who support them.

Instead of perpetuating political tribalism, Dimon said the next president should focus on the issues of righting the economy, securing US borders, and “renewing national pride by unabashedly teaching civics and American exceptionalism without papering over our mistakes.”

Bitcoin price will hold $100K for good after three key events take place

BlackRock’s tokenized BUIDL fund has paid $7M in dividends since March

August 1, 2024 Coin Telegraph

blackrock

According to researcher Tom Wan, tokenized United States Treasury funds could see $3 billion in capital investment by the end of 2024.

BlackRock's tokenized United States Dollar Institutional Digital Liquidity Fund (BUIDL), an investment vehicle holding United States Treasury Bills, cash, and repurchase agreements, has paid investors $7 million in dividends since the launch of the investment fund in March of 2024.

According to asset tokenization firm Securitize, BUIDL paid investors $265,400 in dividends in March, $1.21 million in April, $1.67 million in May, $1.82 million in June, and $2.12 million in July.

BlackRock's BUIDL fund surpassed Franklin Templeton’s Franklin OnChain US Government Money Fund (BENJI) in April 2024, becoming the world's largest tokenized government debt investment fund.

Bitcoin price will hold $100K for good after three key events take place

Can Bitcoin price break out after Bank of England interest rate cut?

August 1, 2024 Coin Telegraph

Bank of England

This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.

Bitcoin price could see more upward momentum from the latest interest rate decision of the British central bank.

The Bank of England announced an interest rate cut of 0.25%, to the current 5% mark, on Aug. 1, bringing an end to one of the longest periods of heightened interest rates.

Bitcoin's (BTC) price could benefit from the surprise interest rate cut since economists were split on whether the bank will cut or hold its interest rates steady.

Bitcoin price will hold $100K for good after three key events take place

Tether reports record-breaking $5.2B profit in first half of 2024

July 31, 2024 Coin Telegraph

Tether reports record-breaking .2B profit in first half of 2024

Coin Telegraph

Tether said its US Treasury reserve surpasses the size of all but 17 of the world’s governments.

According to a July 31 announcement, Tether, manager of the dollar-pegged USDT (USDT) stablecoin, reported record-breaking profits of $5.2 billion in the first half of 2024 and a larger-than-ever stockpile of United States government bonds.

Tether’s US Treasury portfolio is now worth approximately $97.6 billion, the company said. The growth in the company’s Treasury holdings reflects the ongoing proliferation of Tether (USDT) stablecoins, which Tether says are backed 1:1 with liquid US dollar-denominated assets. The figures are based on an attestation by BDO, an independent accounting firm.

The total market capitalization of USDT stands at some $114 billion, according to Binance, slightly less than Tether’s total reserves, which exceed $118 billion, Tether said.

United States

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